I tend to use a fair few 08M2s, but really because I like splitting things down and using them as pre-processors. For example, I recently built a temperature logger where I had eight DS18B20 sensors and I wanted them all to measure at about the same time. Having each one connected to an 08M2, that was just polling the sensor, doing some simple math and transmitting serial data as 4 bytes of ASCII (sign, two significant digits and one decimal place) speeded things up a lot, as I get all 8 readings in little more than the time it takes to poll one DS18B20 (a bit under 1 second).
Had I used eight DS18B20s all connected to the same Picaxe, then I've have ended up with around 6 or 7 seconds of temperature acquisition delay, as each sensor was polled in turn.
The pre-processor approach also relieves the main Picaxe of a fair bit of math, as it's being fed with temperatures that are already converted to deg C. Often it's worth doing this even for a single, complex, sensor, as offloading calculations and providing easy to use data to the main Picaxe can often make the programming a lot easier to follow.